The British government is preparing to ask supermarkets to freeze prices on certain products in exchange for easing regulations, which politicians hope will keep prices down for consumers. The price cap would apply to essential foods such as eggs, bread, and milk, reports the Financial Times.
Chancellor of the Exchequer Rachel Reeves, who oversees the Treasury and the government's economic policy, is expected to announce the policy on Thursday as part of a package of measures to help ease the cost of living. Food and nonalcoholic beverage prices rose 3.7 percent annually in March—the most recent month for which government data are available—a jump from 3.3 percent in February. The rising cost of living is of particular concern to the British public, with 62 percent of voters saying it was the top issue that decided their vote at the last local elections, according to Ipsos.
